provision

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provision

A term which, as used in UK medical practice, corresponds to one or more legal conditions/provisos written into a contract or financial arrangement, when a particular type of expense is anticipated but its actual and final cost is uncertain—e.g., clinical negligence liability.

Provisions are included in contracts to comply with the accounting principle of prudence. An estimate of the likely expense is charged to the income and expenditure account—for the Department, to the Operating Cost Statement—as soon as the issue comes to light, even though a cash payout might not occur for many years, if at all. The expense is matched by a balance-sheet provision entry showing the potential liability to the organisation.
References in periodicals archive ?
Fortunately, a lot has changed in the computer and storage world to better support the value of provisioning without administrative trade-offs.
The graphic below illustrates today's storage network components that can help change the provisioning value equation including:
The one nagging problem, however, is that we still need to reboot, re-initialize, and restart all of the entities that were affected by provisioning changes--not just the servers that had capacity added, but those where it was removed as well.
Provisioning in clusters and messaging networks was bad enough.
Even when administrators adopted virtualization, they still spent a huge amount of time provisioning the virtual volumes.
When data storage reaches 50 percent of its assigned storage, the provisioning software alerts the administrator, who can then assign additional storage from available pools.